Endowment income is a critical part of the annual budgets at colleges and universities. 1 answer below »

Endowment income is a critical part of the annual budgets at colleges and universities. A study by the National Association of College and University Business Officers reported that the 435 colleges and universities surveyed held a total of $413 billion in endowments. The 10 wealthiest universities are shown below (The Wall Street Journal, January 27, 2009). Amounts are in billion of dollars. University Endowment ($billion) University Endowment ($billion) Columbia 7.2 Princeton 16.4 Harvard 36.6 Stanford 17.2 M.I.T. 10.1 Texas 16.1 Michigan 7.6 Texas A&M 6.7 Northwestern 7.2 Yale 22.9 a. What is the mean endowment for these universities? b. What is the median endowment? c. What is the mode endowment? d. Compute the first and third quartiles?

 

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